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EUR/USD: daily update

On Tuesday EUR/USD is trading sideways in the $1.3315/3290 range. Euro remains under pressure after having peaked at $1.3400 on Thursday. The pair has approached a strong resistance area at $1.3400/15 (June highs, 200-week MA) and then – at $1.3440/65 (100- and 55-month MAs). Key support for the pair is seen at $1.3275/65, $1.3230, $1.3200 and $1.3180. In our view, a break below the last level could be a strong bearish signal.

It is still too early to talk about the downward reversal in EUR/USD – the pair remains in a bullish channel (дно на $1.3275). However, there are some signals hinting on a downside potential of the pair – see the “dead Ichimoku cross” on the H4 chart.

Today euro zone will release important figures at 9:00 GMT – euro zone and German Zew economic sentiment and EZ industrial production (forecasts are positive). In the US session watch the US retail sales figures. Tomorrow traders will pay special attention on euro zone’s GDP (recession is expected to end with small growth). 

Chart. H4 EUR/USD

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